Finance Goliath OCBC Bank and telco giant StarHub announced that they will be investing S$6 million over the next year to establish partnerships in several industries and to boost better services and offerings for their customers.
Marking the formation of Singapore's first bank-telco strategic partnership, the deal is said to be the two firms' first step in a multi-year plan towards bringing together businesses across industries such as transport, retail, insurance, health, wellness, and real estate.
OCBC and StarHub are eyeing to establish the "We Economy", where businesses are moving beyond conventional industry processes into an interconnected ecosystem that better shapes outcomes.
As part of their partnership, both firms will harness the power of data in understanding customer needs and deliver more relevant solutions to their combined client base of over five million. They will also explore areas of Artificial Intelligence and Internet of Things to provide customers with enhanced connectivity.
"This partnership is born out of the strong belief by both of us that by innovating together, rather than each doing its own thing, we can serve our consumers more comprehensively, effectively and efficiently. StarHub and OCBC have been very active in the space of digital innovation," OCBC CEO Samuel Tsien commented.
To commence the partnership, Tsien and StarHub CEO Tan Tong Hai launched the first store-in-store at OCBC Bank's orchardgateway branch.
"We are happy to team up with OCBC Bank, leveraging our shared strengths in digital lifestyle solutions and omnichannel engagements to deliver enhanced customer experiences. Our form of collective intelligence becomes even more vital as it enables us and our partners to anticipate and better respond to customers' evolving motivations and preferences," Tan said.
The store-in-store is a one-stop shop that combines OCBC's financial services and StarHub's range of telco and entertainment services.
Additionally, the two firms are offering up to 3% rebate on StarHub bills to be credited on OCBC's bank accounts to its customers who will sign up at www.innovatingtogether.sg.